Interfax: Moody’s upgrades Russia rating outlook to stable

MOSCOW. Feb 20 (Interfax) – Moody’s Investors Service has changed the outlook for Russia’s sovereign ratings to stable from negative.

Russia’s issuer rating and the rating for Russian government bonds have been affirmed at Ba1, and the short-term rating has been affirmed at Not Prime, the rating agency said in a press release.

Finance Minister Anton Siluanov welcomed Moody’s decision. “This decision means that the agency’s analysts have joined the assessments of their colleagues from the big three, who made a similar decision last year. Thus, now all three agencies confirm the fact of the stabilization of the Russian economy, its emergence from recession,” Siluanov told reporters.

The improvement of the outlook became possible thanks to the vigorous actions of the government aimed at reducing the Russian economy’s dependence on oil and gas revenues and the gradual replenishment of sovereign wealth funds, Siluanov said.